IDBI Fortis Life Insurance becomes 18th life insurer in India
IDBI Fortis Life Insurance Co. Ltd, a joint venture life insurance company promoted by IDBI, Federal Bank, India and Fortis Insurance International, Netherlands has been registered as a Life Insurer.The Certificate of Registration has been issued by the Insurance regulator IRDA on the 19th December 2007.
IDBI Bank, Federal Bank and Fortis had signed a Joint Venture Agreement last year. IDBI will have a 48-per cent stake in the venture while Fortis and Federal Bank would have 26-per cent stake each.
While IDBI and Federal Bank are major India banks, Fortis has the expertise of bancasurance across global markets.
Fortis, which signed an agreement with the IDBI last year, is one of the largest players in the insurance business in Europe and has successful joint ventures in various Asian countries.
With this registration, the total number of life insurers in India has gone up to 18.
Competition is hotting up in the life insurance segment, with the entry of more players. Life Insurance segment has great potential as 80% of the population in India is without life insurance coverage.
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